User: Withdrawals by the owner for personal use do not affect net income or net loss of the business. (Points : 5)
True
False

User: Withdrawals by the owner for personal use do not affect net income or net loss of the business. (Points : 5)
True
False

Weegy: True, withdrawals by the owner for personal use do not affect net income or net loss of the business.
Net income (or net loss) is determined only by revenues and expenses. [ Owner withdrawals are NOT an expense, and hence have no effect on net income (net loss).
Similarly, owner contributions are NOT revenue, and they do not effect net income (net loss) either.
] Expert answered|wiwit|Points 555|

Weegy: Income Statement User: After the data about transactions have been posted, the next step in the accounting cycle is to (Points : 5)
prepare the financial statements.
prepare the postclosing trial balance.
prepare the worksheet.
journalize and post the adjusting entries.
Weegy: After the data about transactions have been posted, the next step in the accounting cycle is to B. prepare the postclosing trial balance User: The entry to transfer a net loss to the owner's capital account would include a debit to (Points : 5)
the owner's capital account and a credit to Cash.
the owner's drawing account and a credit to the owner's capital account.
Income Summary and a credit to the owner's capital account.
the owner's capital account and a credit to Income Summary.
Weegy: The answer is "the owner's capital account and a credit to Income Summary". (More)